Indeed, slipping should be no problem, I always take some 5-10 kts extra for safety.
To me, danger is present at the "slip exit". It's not the slip itself that is dangerous, but your "stable approach" might become "unstable" when aligning with the centreline.
If you are too high, you can try to slip it in without any danger. However, use commen sense to know how low you can go with the slip. There are pilots who can slip it up to the flare, I wouldn't try it. If I still need to slip at 200-100ft AGL, I'll leave it and call the go around. The reason why I like to do this is speed indeed. What is the speed of the aircraft? You don't really know except that it is too high. In an Archer on approach to a very short strip, every extra knot will give you a nice float up to the end of the strip... So keep in account the runway and its environment.